Resolution 326 - Laserfiche WebLink

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I . ~ , ~ $5,000 denominations are specified by the purchaser within such time, the bonds will be in the denomination of $1,000 each. 2. The Village Manager and the Village Clerk shall receive and open bids for the purchase of said Bonds at the Village Hall on Tuesday, the lOth day of January, 1967 at 7:00 o'clock P.M., C.S.T., and the Village Council shall meet at 8:00 olclock P.M. to consider such bids and award the sale of the Bonds. The Village Clerk is authorized and directed to give notice of such meeting by publication at least ten days in advance in the official newspaper and in Commercial West, a financial paper published in the City of Minneapolis. Said notice shall recite substantially the following: The Village will furnish printed bonds and approving legal opinion of Messrs. Faegre & Benson, Minneapolis, Minnesota, both without expense to the purchaser. At the opticn of the purchaser, a copy of the approving opinion will be reproduced on the printed bonds. The bonds will be delivered to the purchaser within thirty days from the date of sale at the office designated by the purchaser within the State of Minnesota or in Chicago, Illinois at the expense of the Village, or elsewhere at the purchaser's expense, accompanied by an unqualified approving legal opinion and customary final deliv- ery papers, including a certificate showing absence of litigation. All bids must be in writing enclosed in a sealed envelope, suitably marked as a bid for bonds~ be unconditional except as to the above opinion, specify one or more rates of interest within the limita- tions prescribed below, and be delivered or mailed for delivery and received prior to 7:00 o'clock P.M. on the day of sale, accompanied by a certified check, bank draft or cashier's check in the amount of at least $5,260, payable to the order of the Village, to be for- feited as liquidated damages in event the bid is accepted and the bidder fails to comply therewith. Split rate bids may be submitted, but only one basic rate of interest from the date of issue to maturity shall be specified for bonds having the same maturity date. Any bid may also provide that all or some of the bonds shall bear a single additional interest rate represented by extra coupons for any portion of the term of the bonds, but the aggregate amount of such additional interest may not exceed $3,945. The basic rate and the additional rate for each bond, and the combination of both rates, must be in a multiple of one-fourth or one-tenth of 1% per annum and may not exceed 6% per annum. The difference between the highest and lowest basic rate shall not exceed 1 1/2% per annum. The bid offering the lowest net interest cost (total interest from date of issue to stated maturity less any premium offered) will be deemed the most favorable. Bidders are asked, but not required, to state total and average annual net interest cost. No oral bid or bid of less than par and accrued interest will be considered. The Village reserves the right to waive any informality in any bid, to reject any and all bids and to adjourn the sale if deemed expedient. The motion for the adoption of the foregoing resolution was duly seconded by Trustee Nabozney and upon vote being taken thereon the fOllowing voted in favor thereof: Anderson, Andersen, Hipp, Jeffers, Nabozney and the following voted against the same: None whereupon said resolution was declared duly passed and adopted.